ProShares Trust II

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 7, 2025

SCO$20.19+2.3%Stored close · as of Nov 10, 2026

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Contents

ProShares UltraShort Bloomberg Natural Gas

	September 30, 2025 (unaudited)	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $64,845,737 and $–, respectively)	$64,846,501	$—
Cash	43,984,384	177,262,462
Segregated cash balances with brokers for futures contracts	46,401,042	81,628,795
Receivable from capital shares sold	7,071,768	—
Receivable on open futures contracts	—	19,205,533
Interest receivable	370,765	405,754
Total assets	162,674,460	278,502,544
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	—	17,443,727
Payable on open futures contracts	3,999,443	—
Brokerage commissions and futures account fees payable	3,572	3,166
Payable to Sponsor	133,487	115,508
Total liabilities	4,136,502	17,562,401
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	158,537,958	260,940,143
Total liabilities and shareholders’ equity	$162,674,460	$278,502,544
Shares outstanding	4,483,712	5,983,712
Net asset value per share	$35.36	$43.61
Market value per share (Note 2)	$34.79	$42.74

	Principal Amount	Value
Short-term U.S. government and agency obligations
(41% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25	$25,000,000	$24,983,043
4.182% due 10/21/25	10,000,000	9,977,500
4.140% due 11/04/25	30,000,000	29,885,958
Total short-term U.S. government and agency obligations (cost $64,845,737)		$64,846,501

Futures Contracts Sold
	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires November 2025	9,600	$317,088,000	$13,136,253

^^	Rates shown represent discount rate at the time of purchase.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Investment Income
Interest	$1,926,416	$1,150,564	$10,289,665	$4,075,138
Expenses
Management fee	477,225	224,779	2,536,994	797,283
Brokerage commissions	167,957	156,391	1,197,519	722,643
Futures account fees	12,126	6,899	84,863	33,910
Total expenses	657,308	388,069	3,819,376	1,553,836
Net investment income (loss)	1,269,108	762,495	6,470,289	2,521,302
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	116,766,252	90,006,232	19,539,524	90,097,297
Short-term U.S. government and agency obligations	33	(2,218)	(8,305)	(3,961)
Net realized gain (loss)	116,766,285	90,004,014	19,531,219	90,093,336
Change in net unrealized appreciation (depreciation) on
Futures contracts	(27,090,196)	(55,772,673)	39,266,757	(11,395,023)
Short-term U.S. government and agency obligations	259	8,364	764	7,761
Change in net unrealized appreciation (depreciation)	(27,089,937)	(55,764,309)	39,267,521	(11,387,262)
Net realized and unrealized gain (loss)	89,676,348	34,239,705	58,798,740	78,706,074
Net income (loss)	$90,945,456	$35,002,200	$65,269,029	$81,227,376

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$283,266,637	$147,292,427	$260,940,143	$140,963,092
Addition of 6,050,000, 2,700,000, 71,800,000 and 16,700,000 shares, respectively	183,706,873	167,655,268	1,773,382,468	864,763,170
Redemption of 12,700,000, 3,250,000, 73,300,000 and 17,200,000 shares, respectively	(399,381,008)	(217,256,870)	(1,941,053,682)	(954,260,613)
Net addition (redemption) of (6,650,000), (550,000), (1,500,000) and (500,000) shares, respectively	(215,674,135)	(49,601,602)	(167,671,214)	(89,497,443)
Net investment income (loss)	1,269,108	762,495	6,470,289	2,521,302
Net realized gain (loss)	116,766,285	90,004,014	19,531,219	90,093,336
Change in net unrealized appreciation (depreciation)	(27,089,937)	(55,764,309)	39,267,521	(11,387,262)
Net income (loss)	90,945,456	35,002,200	65,269,029	81,227,376
Shareholders’ equity, end of period	$158,537,958	$132,693,025	$158,537,958	$132,693,025

	Nine Months Ended September 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$65,269,029	$81,227,376
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations	(989,236,463)	(232,607,254)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	929,395,135	189,472,679
Net amortization and accretion on short-term U.S. government and agency obligations	(5,012,714)	(1,757,186)
Net realized (gain) loss on investments	8,305	3,961
Change in unrealized (appreciation) depreciation on investments	(764)	(7,761)
Decrease (Increase) in receivable on open futures contracts	19,205,533	4,446,202
Decrease (Increase) in interest receivable	34,989	292,861
Increase (Decrease) in payable to Sponsor	17,979	(40,487)
Increase (Decrease) in brokerage commissions and futures account fees payable	406	(9,361)
Increase (Decrease) in payable on open futures contracts	3,999,443	(7,601,565)
Net cash provided by (used in) operating activities	23,680,878	33,419,465
Cash flow from financing activities
Proceeds from addition of shares	1,766,310,700	871,648,583
Payment on shares redeemed	(1,958,497,409)	(954,260,613)
Net cash provided by (used in) financing activities	(192,186,709)	(82,612,030)
Net increase (decrease) in cash	(168,505,831)	(49,192,565)
Cash, beginning of period	258,891,257	136,172,565
Cash, end of period	$90,385,426	$86,980,000

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.